Using the payment service provider’s channels, the payer of a standard or instant credit transfer enters the IBAN of the destination account holder(s) and the name of the intended payee and is automatically provided with the match results between the name entered and the name(s) of the destination account holder(s) users, as registered with the payee’s payment service provider. The possible outcomes of this verification are as follows:

• Match: if the name of the payee entered by the payer corresponds to the name of one of the destination account holders, the payment service provider informs the payer that the correspondence is accurate and therefore does not provide that name to the payer;
• Close match: if the name of the payee entered by the payer and the name of one of the holders of the destination account do not match exactly but nevertheless almost match, the payment service provider informs the payer that the name is a close match and presents the name of the IBAN holder that is closest to the name entered by the payer;
• No match: if there is no exact or close match between the name of the payee provided by the payer and the names of the holders of the destination account, the payment service provider informs the payer that there is no match and provides no name. In addition, the payment service provider informs the payer that authorising the payment may lead to transferring funds to a payment account that is not held by the intended payee.
• Match/verification check not possible: if, for technical reasons, it is not possible for the service to respond within the intended time, or if, for example, the indicated payment account does not exist, the payment service provider informs the payer that the match cannot be verified and suggests that the payer try again.          

On the basis of the information obtained, the originator decides whether or not to proceed with the transfer, along the usual lines.